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Bytom CEO Lang Yu: MOV Will Be the First Blockchain-Based Decentralized Business Ecosystem

On November 8th, the World Blockchain Conference hosted by 8BTC was held in Wuzhen. Lang Yu, CEO of Bytom, shared Bytom’s achievements and roadmap at “Keep MOVing”, the special meetup hosted by Bytom.

Bytom has been running smoothly for 2 years, breaking the “impossible triangle” paradox through multi-dimensional development on both mainchain and sidechain

At the end of 2018, what people always talked about was stability, security and prosperity. We have achieved all of those above. Bytom has been running smoothly for nearly 2 years, the sidechain Vapor, also has been running smoothly for 3 months. Stable application cannot exist without a stable system. Last year, our computing power exceeded the limitations from GPU, started to scale smoothly, our wallet did not experience any security breaches. The developers’ community published a book on how to code in Go language. In addition to that, we also joined Golang, the technology community. We were also able to see great outcomes in terms of government relations and business applications.

We have developed the sidechain, Vapor. We were also able to complete BAP-2, a blockchain asset protocol based on Bytom. We launched Bystack, the BaaS platform that aims to connect and cooperate with traditional tech companies.

Bytom’s advantages

When tech tycoons BAT (Baidu, Alibaba, Tencent) are entering the blockchain field, will small companies even stand a chance? This is not an issue for us. We believe that consortium blockchains are more suitable to support economic establishment, but it should also support public blockchains. Eventually, public blockchain and consortium blockchains will integrate and Bytom does have its advantages.

First of all, Bytom is a public blockchain, public blockchain is very different from consortium blockchain, which is what these tycoons chose to develop. We will stick to “one main chain, multiple side chains” architect and all the projects will enable such architecture to advance.

Second, independence. As we all know, the consortium blockchain that major organizations like to use is usually foreign technology, such as Fabric. This will lead to unpredictability in many different aspects. In comparison, all of Bytom’s code, algorithms and intellectual properties are controlled by our team.

Third, the team. Bytom’s team combines technology, academia and business development tightly together. From technological development, business application to industrialization, our professional team has followed through all along the journey.

Lastly, compliance. We believe that no projects can develop smoothly when it’s going against regulations and public policy. Bytom has an intact plan to align with regulations. For example, we finished the data filing for Bystack; we even participated in the government’s blockchain policy establishment process. In addition to that, we also passed SEC’s Howey test. All of those above demonstrates our efforts in compliance.

Our journey started in China, but our story will not end here

In the future, blockchain technology will have more use cases. Although Bytom’s journey started in China, our story will certainly not end here.

First, base on Bystack BaaS platform, we will follow the public policy trend on applying blockchain technology in many different aspects. Our main focus is on business-facing applications. We are also looking into developing BaaS applications for government systems. For example, helping government to achieve secure systemic data transfer or data storage through “one main chain, multiple side chain” solution.

Second, Bytom will participate in global competition. Only focusing on consortium blockchain will eventually make us fall behind. In order to let Chinese public blockchain stand out from the crowd even on a global scale, our solution is Bytom MOV. MOV is the next-generation decentralized cross-chain value exchange protocol based on Bystack. It is made of 3 core models: Magnet, OFMF, and Layer 2 high-speed side-chain Vapor.

Heavily invested in MOV ecosystem establishment, this will be the first blockchain-based decentralized business ecosystem

Public blockchain can not just rely on system rewards, Bytom will invest heavily in MOV’s ecosystem establishment.

MOV is one of our biggest projects this year. We believe that MOV will be the first self-sustaining decentralized blockchain business ecosystem. For Bitcoin, miners are motivated by the Bitcoin reward. But for the blockchain industry, you can’t rely on system rewards forever. The system needs to become profitable independently, and then distribute the profit to each participant, which is the only way to enable the system to become self-sustaining.

MOV is a project that will enable profitability. This is also what Bytom’s foundation is excited about. We will be investing heavily in this project, to help the MOV ecosystem take off.

New economic model, rewarding the community

Blockchain technology created a brand new economic model, we want all the participants in the system to benefit from it, which is the only way we can grow together. The profit from the ecosystem is the result of cooperation from all aspects, and we can promise that whatever profit that is generated from the system will eventually be given back to the community and the stakeholders of Bytom.